From: Xavier Avila Sent: 12/6/2017 7:52:07 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subject: Risk Premia: Multi-Asset Class 5% Target Volatility Portfolio Attachments: MANS Risk Premia Transaction Profile 6 30 17_MRG Approved.pdf; Risk Premia-Alternative Beta Intro - 2017Q1 KCP.PDF Paul, changing subjects, take a look at our Risk Premia 5% Target Vol Portfolio and the below note below we are issuing for some clients and let's discuss if you think you might have any interest. Thanks. Xavi DB Delta One Full Capital at Risk Note Linked to a Leveraged Risk Premia Basket Portfolio Format DB Senior Unsecured Note Trade Date j Dec 2017 Issue Date [ j Jan 2018 Maturity 2yrs Notional Minimum USD 1 )mio Payout Maturity Notional * 10 * [ 1 + Performance j Performance Max -10.00%, Basket Performance — Basket Protection Fee j Basket Performance Final Basket / Initial Basket -1 Basket Protection Fee TBD on Trade Date (Around 1% to 1.50%) Basket Definition Risk Premia Multi-Asset Class 5% Target Volatility Portfolio CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0054973 CONFIDENTIAL SDNY_GM_00201157 EFTA01364436